UK wealth manager Tilney Group is to acquire its rival Smith & Williamson for £625m, creating a combined group managing £45bn.
Tilney, which first said it was in talks to buy S&W a month ago, said on September 19 it will pay for the deal using cash and shares. Tilney is backed by European private equity group Permira, which backed its merger with investment service Bestinvest in 2014 and acquisition of financial planner Towry in 2016.
